Question: My father-in-law is 87-years-old and has become very ill. In order to receive Medicaid he would like to quitclaim his home to my husband and I. My concern is: What will be our responsibility for this transaction? Answer: Your plan, if possible, could set off a host of expensive tax issues and other problems. Your father needs to immediately speak with an attorney who specializes in elder law. Under Medicaid rules states have a right to "look back" for major gifts made five years before someone uses the system. Those gifts, in turn, can impact the availability of benefits.

Published: March 27, 2008

Use of this article without permission is a violation of federal copyright laws.